证券代码：300624 证券简称：万兴科技 公告编号：2024-038 万兴科技集团股份有限公司 关于召开2023年度股东大会的通知（更正后） 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 万兴科技集团股份有限公司（以下简称"公司"）第四届董事会第十七次会 议决定于2024年5月21日召开公司2023年度股东大会（以下简称："本次会议"）。 公司独立董事将在本次股东大会上述职。现将本次会议相关事项通知如下： 一、召开会议的基本情况 1、股东大会届次：2023年度股东大会 2、股东大会的召集人：公司董事会 3、会议召开的合法、合规性：第四届董事会第十七次会议审议，决定召开 2023年度股东大会，本次股东大会的召开符合有关法律、行政法规、部门规章、 规范性文件和《公司章程》的规定。 4、会议召开的日期、时间： （1）现场会议召开时间：2024年5月21日（星期二）下午15:00 （2）网络投票时间：通过深圳证券交易所（以下简称"深交所"）交易系 统进行网络投票的具体时间为：2024年5月21日9:15-9:25，9:30-11:30，下午13:00- 15:00 ...

证券代码：300624 证券简称：万兴科技 公告编号：2024-036 万兴科技集团股份有限公司 关于签订募集资金三方监管协议的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 一、募集资金基本情况 经中国证券监督管理委员会出具的《关于同意万兴科技集团股份有限公司向 不特定对象发行可转换公司债券注册的批复》（证监许可[2021]283号）核准，万 兴科技集团股份有限公司（以下简称"万兴科技"或"公司"）于2021年6月9日 向不特定对象发行可转换公司债券378.75万张，每张面值为人民币100元，募集资 金总额为人民币37,875.00万元，扣除各项发行费用767.85万元后，实际募集资金 净额为人民币37,107.15万元。截至2021年6月16日，本公司上述发行募集的资金 已全部到位，业经大华会计师事务所（特殊普通合伙）以"大华验字[2021]000449 号"验资报告验证确认。 二、募集资金专户开立和《募集资金三方监管协议》签订的情况 根据《上市公司监管指引第2号—上市公司募集资金管理和使用的监管要求》 《深圳证券交易所创业板股票上市规则》及《深圳证 ...

＃相关报告 relatedReport＃ | --- | --- | --- | --- | --- | --- | |-------------------------------------|----------------|--------|------------|------------------------|-------| | 主要财务指标 ＄ 会计年度 zycwzb\| | 主要财务指标＄ | | 2023 2024E | 2025E | 2026E | | 营业收入 ( 百万元 ) | | | | 1481 1802 2145 2447 | | | 同比增长 | | 25.5% | 21.6% | 19.1% | 14.1% | | 归母净利润 ( | 百万元 ) | | | 86 111 151 199 | | | 同比增长 | | 113.2% | 28.8% | 35.6% | 32.0% | | 毛利率 | | 94.8% | 94.5% | 94.8% | 95.5% | | ROE | | 6.5% | 7.5% | 9.3% | 11.0% | | 每股收益 ( 元 ) | ...

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Investment Rating - The report maintains a "Buy" rating for the company [2][4]. Core Insights - The company achieved rapid revenue growth in 2023, with total revenue reaching 1.481 billion yuan, a year-on-year increase of 25.49%. The net profit attributable to shareholders was 86.21 million yuan, up 113.20% year-on-year [2][4]. - The company continues to invest heavily in R&D, with R&D expenses amounting to 403 million yuan in 2023, a 15.73% increase from the previous year [2][4]. - The company launched several AI-generated content (AIGC) features across its product lines, enhancing user experience and expanding its market reach [3][4]. Financial Performance - In 2023, the company reported a gross margin of 94.64% for video creative products, 94.31% for drawing creative products, and 93.82% for document creative products [2]. - The first quarter of 2024 saw a revenue of 358 million yuan, a 0.90% year-on-year increase, with a non-GAAP net profit of 22.77 million yuan, up 26.59% year-on-year [2][4]. - Revenue projections for 2024-2026 are estimated at 1.813 billion, 2.187 billion, and 2.606 billion yuan, respectively, with net profits expected to reach 114.33 million, 151.18 million, and 198.88 million yuan [4][6]. Product Development - The company has introduced various AIGC functionalities, including video face-swapping, image tracking, AI music generation, and AI voice enhancement [3][4]. - The document creative line has launched an intelligent document processing robot, "Lumi," which offers features such as dialogue discussion, document summarization, and content rewriting [3][4]. - The practical tools line has enhanced its data recovery software with AI capabilities, including intelligent analysis and AI restoration features [3].

Investment Rating - The report maintains an "Outperform" rating for the company [9][51]. Core Insights - The company's annual report for 2023 and Q1 2024 indicates that revenue and profit figures are in line with expectations, with a notable increase in net profit [4][36]. - The company achieved a revenue of 1.481 billion yuan in 2023, representing a year-on-year growth of 25.49%, and a net profit of 86 million yuan, up 113.20% year-on-year [12][8]. - The first quarter of 2024 saw a revenue of 358 million yuan, a slight increase of 0.90% year-on-year, and a net profit of 26 million yuan, growing by 22.99% [36][8]. Financial Performance Summary - The company reported a gross margin of 94.77% in 2023, with a slight decrease compared to the previous year [15]. - Operating cash flow for 2023 was 234 million yuan, reflecting a significant year-on-year increase of 117.51% [15]. - The company has adjusted its revenue forecasts for 2024-2025 to 1.774 billion and 2.097 billion yuan, respectively, down from previous estimates [9]. Product and Market Development - The company has enhanced its core cloud product subscription renewal rate, which increased by 5 percentage points to 65% in 2023 [14]. - The introduction of AI features across various product lines has led to a 29% increase in video creative software revenue and a 31% increase in drawing creative line revenue [14][32]. - The company has launched over 10 AI application products and established strategic partnerships with major tech firms, including Microsoft and Huawei Cloud [18]. Future Outlook - The company is expected to continue its cloud transformation strategy, which may impact short-term revenue but is anticipated to enhance long-term growth [9]. - New revenue and profit forecasts for 2026 are set at 2.403 billion yuan and 210 million yuan, respectively [9].

Investment Rating - The report assigns an "Accumulate" rating for the company, marking the first coverage of the stock [9][10]. Core Views - The company achieved steady growth in its annual performance, with a revenue of 1.481 billion yuan, representing a year-on-year increase of 25.49%, and a net profit attributable to shareholders of 86 million yuan, up 108.96% year-on-year [19]. - The gross margin for the year was 94.77%, slightly down by 0.70 percentage points, attributed to a significant increase in AI server costs. The net profit margin improved by 1.86 percentage points to 7.31% [19]. - The company has increased its R&D investment, with the expense ratios for sales, management, and R&D being 48.81%, 11.16%, and 27.18%, respectively, showing a decrease in all three categories year-on-year [19]. Financial Forecasts - The company is projected to achieve revenues of 1.806 billion yuan, 2.197 billion yuan, and 2.665 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 21.94%, 21.67%, and 21.31% [10][11]. - The net profit attributable to shareholders is expected to reach 119 million yuan, 150 million yuan, and 187 million yuan for the same years, with growth rates of 38.34%, 25.39%, and 25.01% [10][11]. - Earnings per share (EPS) are forecasted to be 0.87 yuan, 1.09 yuan, and 1.36 yuan for 2024, 2025, and 2026, respectively [10][11]. Recent Performance - In the first quarter of 2023, the company reported a revenue of 358 million yuan, a slight increase of 0.90% year-on-year, and a net profit of approximately 25.65 million yuan, up 22.99% year-on-year [5]. - The company has launched the "Wondershare Tianmu" multimedia model, integrating nearly a hundred audio and video capabilities, with plans to continuously incorporate AIGC capabilities into its product line [20].

投资评级 买入-A 维持评级 6 个月目标价 118.43 元 股价 (2024-04-30) 92.00 元 交易数据 总市值(百万元) 12,668.78 流通市值(百万元) 11,072.49 总股本(百万股) 137.70 流通股本(百万股) 120.35 12 个月价格区间 73.39/162.31 元 升幅% 1M 3M 12M 相对收益 -3.6 8.1 -23.9 绝对收益 -1.8 19.2 -34.5 赵阳 分析师 相关报告 正式发布赋能 AI 创作 2024-02-03 SAC 执业证书编号：S1450522040001 zhaoyang1@essence.com.cn 杨楠 分析师 SAC 执业证书编号：S1450522060001 公司快报/万兴科技 2023H1 业绩高增，全面拥抱 AIGC 把握 AIGC 风险提示： 本报告仅供 Choice 东方财富 使用，请勿传阅。 公司快报/万兴科技 本公司具备证券投资咨询业务资格的说明 本报告仅供国投证券股份有限公司（以下简称"本公司"）的客户使用。本公司不会因为任 何机构或个人接收到本报告而视其为本公司的当然客户。 本报告基于已公开的资 ...

盈利预测： 面拥抱 AIGC，机遇与挑战并 [Table_Contacts] [Table_Page] 年报点评|软件开发 [Table_Title] 万兴科技（300624.SZ） 23 年业绩符合预期，24Q1 收入略显承压 [Table_Summary] 核心观点： 公司披露 23 年年报及 24 年一季报。23 年营收 14.81 亿元，同比 +25.5%。24Q1 营收 3.58 亿元，同比+0.9%。 23 年业绩符合预期，毛利率略有波动，费用率有一定优化。23 年收入 同比+25.5%，符合预期。其中视频创意类产品收入同比+28.9%，仍贡 献公司总收入的 65%，较 22 年略上升约 1.8PCT。文档创意类及绘图 创意类收入同比增速均约 31%左右，二者共贡献公司总收入的 17.5%， 较 22 年上升 0.7PCT。公司综合毛利率同比-0.7PCT，视频创意类、文 档创意类及实用工具类产品毛利率均略有下降。23 年三项费用率约 87.1%，同比-3.3PCT，其中销售费用率为 48.8%，同比-0.3PCT。 23H2 创意类产品收入增速有所收窄，关注后续变化。根据公司财报， 23H1 视 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [6][11][38] Core Views - The company is positioned as a leading provider of digital creative software products and services in China, benefiting from the evolution of AI multimodal technology and the launch of the "Tianmu" large model [11][38] - The company is actively embracing the AIGC technology upgrade trend, leveraging specific scenarios and a broad user base to implement numerous innovative features and products [42] - The company has made significant investments in AI audio and video technology research and development, with R&D expenses reaching 403 million yuan in 2023, a year-on-year increase of 15.73% [7][11] Financial Performance Summary - In 2023, the company achieved revenue of 1.481 billion yuan, a year-on-year growth of 25.49%, and a net profit attributable to shareholders of 86 million yuan, a year-on-year increase of 113.20% [6][11] - For 2024, the company is projected to generate revenue of 1.783 billion yuan, with a net profit of 107 million yuan, reflecting growth rates of 20% and 24% respectively [3][11] - The gross profit margin for 2023 was 94.77%, showing a slight decline of 0.7 percentage points year-on-year [6][11] Product and Market Development - The company has launched the "Tianmu" video multimedia large model, which is based on audio and video generative AI technology, and has iterated nearly a hundred audio and video capabilities [38] - The video creative segment generated revenue of 961 million yuan, a year-on-year increase of 28.91%, with an overall subscription renewal rate improving by 5 percentage points [7][11] - The document creative segment saw revenue of 130 million yuan, up 30.92% year-on-year, with a 20% increase in paid users [9][11] Strategic Collaborations - The company is actively engaging in external collaborations to explore new opportunities in AI development, partnering with leading firms such as OpenAI, Baidu, and major domestic and international technology companies [10][11]